According to Cointelegraph, Sui (SUI) is poised for a significant price increase, potentially doubling its value in the coming weeks. This bullish forecast is supported by recent developments, including Nasdaq’s filing for an SUI exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). On May 28, SUI regained support from the “Gooner EMA” on its weekly chart, a technical indicator developed by trader NebraskanGooner. The indicator uses exponential moving averages (EMAs) with periods of 11 and 22, indicating that a cross above this range often leads to further price increases. Conversely, a drop below the EMA range usually leads to deeper losses. SUI lost this support last week after a $200 million exploit on Cetus, a decentralized exchange powered by the Sui blockchain. However, with the support zone restored, bearish sentiment is returning, as NebraskanGooner noted. He expressed confidence that the support of the Gooner EMA could allow SUI to retest its all-time highs (ATH) and potentially reach new ATHs, depending on market conditions. Currently, the record value of SUI is around $5.36, which is about 40% above its current price levels. Fibonacci retracement levels and the ascending SUI channel point to a new all-time high target of $7.56, representing an increase of more than 100% from current levels.
The positive outlook for SUI comes shortly after Nasdaq filed its SUI ETF with the SEC. In Europe, 21Shares already offers the Sui exchange-traded product (ETP), which is listed on Euronext Paris and Euronext Amsterdam. Since its launch last July, SUI has risen more than 350%. These listings have helped push total assets under management (AUM) in SUI-based ETPs to $317.2 million, CoinShares reported on May 26. Between May 16 and 24, SUI products attracted $2.9 million in inflows, ranking just behind Bitcoin (BTC), Ether (ETH), Solana (SOL) and XRP (XRP) in net assets. Despite these encouraging developments, regulatory approval for Nasdaq’s SUI ETF remains uncertain, similar to most crypto ETF filings. Readers are advised to conduct their own research before making investment decisions, as this article does not provide investment advice or recommendations.$BTC $SUI
